"Limited by shares" means that the company has shareholders, and that the liability of the shareholders to creditors of the company is limited to the capital originally invested, i.e. the nominal value of the shares and any premium paid in return for the issue of the shares by the company. A shareholder's personal assets are thereby protected in the event of the company's insolvency, but money invested in the company will be lost.

A limited company may be "private" or "public". A private limited company's disclosure requirements are lighter, but for this reason its shares may not be offered to the general public (and therefore cannot be traded on a public stock exchange). This is the major distinguishing feature between a private limited company and a public limited company. Most companies, particularly small companies, are private.

Magna, Utah

History

Settlement

Settlement of the area began in 1851 shortly after the Mormon pioneers reached the Salt Lake Valley. Early farmers settled in 1868 at the base of the northern Oquirrh Mountains and called their community Pleasant Green. By 1900, there were about 20 families in the area. One of the first Pleasant Green pioneers was Abraham Coon, who established a livestock ranch and settlement called “Coonville” in a canyon mouth at about 5400 South. The canyon is now known as Coon Canyon, and Coon Creek flowing out of it, is one of the major Oquirrh Mountain drainages. Coon Creek flows north and west through Magna to the Great Salt Lake.

In 1897, the first ward of The Church of Jesus Christ of Latter-day Saints, Pleasant Green Ward, was constructed. The Pleasant Green Cemetery located in the Oquirrh foothills, about 3500 South, where many community pioneers are buried, was established in 1883. In 1890, in response to a law requiring all children to receive free public education, the first school was built in the community.